Despite the attention account takeover (ATO) attacks have received in fraud prevention circles in recent years, many organizations are not aware of their full effect, according to new research from Arkose Labs. The San Francisco-based antifraud technology provider said half of all businesses polled in the survey had lost customers in the last 12 months from ATO attacks and that compromised credentials, stolen transactions and payments fraud were the top three threats account takeover attacks posed to their business.
“With the increase in ATOs, credential stuffing, and rising sophistication of attacks,” said Lizzie Clitheroe, head of Product Marketing at Arkose Labs, “businesses need to be more vigilant in detecting the nuances and full impact of ATOs.”
Most companies believe that, while ATO is a problem, losses are somewhat limited. Nearly 40 percent of respondents say they lost less than $100,000 to such attacks in the past year. Arkose Labs noted a client that was experiencing $100,000 in losses each month, and was unaware the problem was as big as it actually was.
“With this latest study, we wanted to better understand how ATO attacks are affecting businesses across industries,” Clitheroe said. “What we have found is that it can be deeply destructive—from a brand/user experience to the overall monetary loss for an organization.”